In the wake of Baselworld and on the eve of his 70th birthday, Stephen Urquhart informed Nick Hayek of his wish to spend more time with his family. The Swatch Group CEO respected his wish, according to an interview published in Swiss French newspaper Le Temps.
As announced in an official press release, Stephen Urquhart will retire from his position as President of Omega and member of the Swatch Group's extended management board, but will remain closely linked to the group and available for special projects and consulting mandates.
From 1st June 2016, he will be succeeded by Raynald Aeschlimann, current Vice- President Sales at Omega (since 2001) and a member of the Swatch Group's extended management board (since 2013). A sporty, multilingual Swiss national with a pleasant disposition, Raynald Aeschlimann has been closely involved with all major projects and international events for a number of years, from product launches to sports and charity events. A passionate golfer and frequent traveller, the new leader at Omega should bring renewed energy to the brand that contributes the most significant share of the Swatch Group's revenue, at a time when various factors are impacting negatively on the global economy.
There is a chronological coincidence between the change of leadership at two of the world's biggest watch brands, since it was almost two years ago (14 April 2014), when Rolex announced the appointment of its new CEO Jean-Frédéric Dufour. The game of musical chairs among watch brand managers has speeded up of late, reflecting the uncertain economic outlook. There are rumours of further changes in the near future at brands of various sizes.
